Construction firm to list shares on Tuesday

Update:
July, 20/2012 - 10:07

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HCM CITY — The Ha Noi-based Foundation Engineering and Underground Construction Joint Stock Co, or Fecon, will list on the HCM City Stock Exchange next Tuesday. The initial price for its first trading session has been fixed at VND24,000.

The company has a charter capital of over VND138 billion (US$6.6 million), up from VND5 billion when it was set up in 2004.

FECON has nine institutional shareholders who hold over 23 per cent of the total stakes, two of them foreign, owning more than 12 per cent. In all it has issued more than 138 million shares.

At this year's shareholder meeting it was agreed to increase its charter capital further to VND189 billion. This will be done by paying a 20 per cent dividend in the form of more than 2.761 million bonus shares and issuing 2.334 million shares to strategic partners and existing shareholders at not less than VND20,000. FECON targets a net profit of VND94 billion this year.-VNS